Edison’s position on MiFID II

Our research is classified as minor non-monetary benefit under MiFID II. This applies to all forms of transmission, including email, website and financial platforms such as Bloomberg and Refinitiv. We prominently disclose that we are commissioned to write the research we produce on our notes. Our research is read on a free-to-access basis by institutions across the globe. It has been accessed by more than 5,000 professional investment institutions since MiFID II was introduced and many other market participants including private investors, sell side, advisors and press. The MiFID II rules make provisions for certain content and services to be received by institutional investors without the requirement for payment under the inducement rules. The list includes:

Written research that is paid for by the issuer to promote a new issue

Written research where there is a contractual engagement to produce this written content on an ongoing basis where the relationship between the issuer and the research provider is clearly disclosed and is made widely available to the general public.

Brief, unsubstantiated summaries on company results and upcoming releases and events.

Macroeconomic and fixed income research that is freely disseminated with information that is generic in nature.

Investor roadshows that are organised by an investor relations officer, or where the issuer pays a third-party provider to organise a roadshow that is made widely available to institutional and other investors.

We do not seek payment from the asset management community and do not have any execution function. Investors can continue to receive our research under the new MiFID II regime without the need for a contract for services to be put in place. This applies to all forms of transmission, including email, website and financial platforms such as Bloomberg and Refinitiv.

We highlight the following to recipients of our research and attendees of roadshows:

We do not conduct any execution business, hence we cannot induce our readers to trade with us.

Our content is disseminated widely and made freely available to the public through a range of different channels.